CBRE has announced two senior appointments to its Asia-Pacific hotels team, with Steve Carroll joining as head and David Ling as managing director of hotels & hospitality in the region.
Carroll and Ling bring a wealth of experience in overseeing hotel and hospitality investments. Both are based in Singapore.
Carroll was most recently IHG’s senior vice president, global corporate finance and strategy, as well as its global head of M&A. In this role, he drove the company’s investment strategies including multiple-brand acquisitions and the US$1 billion sale of the InterContinental Hong Kong. Prior to IHG, Carroll was at LaSalle Investment Management.
Ling joins CBRE from Pan Pacific Hotels Group (PPHG) where he was chief investment officer, responsible for investment in the international markets. Prior to PPHG, Ling was head of strategic development with M&C REIT Management.
CBRE expects global hotel fundamentals to gradually recover over the next three years, as accelerating vaccination programmes in big economies support the recovery of the sector, driven by increased leisure travel.
Greg Hyland, CBRE head of capital markets for Asia-Pacific, comments: “The new realities created by the pandemic mean that clients will be best served with a comprehensive hotels offering that includes investment, divestment, M&A, capital raising, debt, asset management and strategic advisory expertise.”
“While the pandemic has created unprecedented cash-flow disruption for the industry, it is also creating opportunities for selective investors that recognize the potential of quality assets that stand to benefit from the rebound in business and leisure travel. The pieces are all in place for this to happen, such as pent-up travel demand, combined with strong access to capital in the region,” he adds.
